CCA noted that the death of its previous president and CEO, Dunnan Edell, earlier this year caused it to operate without a full-time chief executive over the past eight months. "As a result, the company's performance, in-store merchandising position and turnover were not nearly on par with its successful efforts over the past 25 years," CCA stated.

David Edell, Dunnan's father and CCA's founder and former CEO, had served as CEO as CCA searched for a full-time chief officer. David Edell had retired at the end of 2011. The company also had appointed Stephen Heit as president, in addition to his role as chief financial officer.

Along with the appointment of a new CEO, CCA said it has begun a major reorganization of its operations in order to hone its product focus. The company reported that it has already substantially reduced overhead and will temporarily suspend its quarterly dividend. Plans call for the savings from those measures to be directed toward new marketing and advertising programs, including new product launches and sales promotional efforts in the coming year.